HHCK(SH:688535) Xin Lang Cai Jing·2026-01-21 02:35Group 1 - The company is actively positioning itself in advanced packaging technologies, which are essential for the miniaturization and multifunctionality of electronic products, with a focus on technologies like flip chip, wafer-level, system-level, fan-out, 2.5D/3D, and Chiplet [1] - The market share of advanced packaging is continuously increasing, surpassing traditional packaging, creating significant opportunities for advanced packaging materials [1] - The completion of the acquisition of Hengsuo Huawai allows the company to leverage its subsidiary Hysolem's R&D advantages in advanced packaging to accelerate the development and mass production of high thermal conductivity encapsulants and other advanced packaging materials [1] Group 2 - The demand for high-performance packaging materials is driven by the explosive growth in electric vehicle sales and the increasing number of electronic devices in automobiles, leading to unprecedented opportunities in the automotive-grade chip packaging materials industry [2] - According to Omdia, the global automotive-grade chip market is expected to reach $80.4 billion by 2025, indicating substantial market potential and growth [2] - The company has made significant progress in the R&D of epoxy encapsulants for advanced packaging and automotive-grade chips, with some products already in mass production and plans for new intelligent production lines that will add approximately 10,000 tons of capacity upon reaching full production [2] Group 3 - The company projects revenues of 380 million, 1.01 billion, and 1.26 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 26 million, 103 million, and 139 million yuan for the same years, maintaining a "buy" rating [3]